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ADAUSD, Murray Analysis

1/12/2023 2:12 PM

The ADA/USD pair continues to trade within the framework of a long-term downward trend, but since the beginning of this month it has been making an attempt to grow.

Currently, the price is trying to leave the descending channel and is actively testing the 0.3173 mark (Fibo retracement 23.6%, Murray level [5/8]). If consolidated above it, the growth will be able to continue to the levels of 0.3662 (Fibo retracement 38.2%, Murray level [7/8]), 0.3906 (Murray level [8/8]). The key for the "bears" is the level of 0.2685 (Murray level [3/8]), supported by the middle line of the Bollinger Bands, with consolidation below it, the resumption of the decline to the area of 0.2441 (Murray level [2/8]) and 0.2197 (Murray level [1/8]) is possible.

The short-term upward trend in the pair remains, as indicated by the upward reversal of the Bollinger Bands and an increase in the MACD histogram in the positive zone, but the Stochastic is directed downwards, which does not exclude the resumption of the decline.

Resistance levels: 0.3173, 0.3662, 0.3906. | Support levels: 0.2685, 0.2441, 0.2197.

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